Post Office Scheme: In today’s time, financial security after retirement becomes a big concern for individuals working in the private sector. To solve this problem, Post Office Senior Citizen Savings Scheme (SCSS) has been started. This scheme is run by the Central Government and provides safe and attractive returns to senior citizens.
Post Office Senior Citizen Savings Scheme
This special scheme of Post Office is run for citizens aged 60 years or above. In this, investors get the benefit of higher interest rate than bank FD. Currently this scheme is paying interest at the rate of 8.2%. This interest rate is reviewed every quarter, so that it remains favorable according to the changing market conditions.
Investment limit and process
This scheme is a deposit scheme, in which minimum investment can be started from ₹ 1,000. The maximum investment limit can be up to ₹ 30 lakh. If you invest Rs 15 lakh, then at an interest rate of 8.2%, you get a total return of Rs 21,15,000 on maturity of 5 years. On this investment, Rs 6,15,000 can be earned as interest in 5 years.
Facility to increase investment and investment time
The investment period in SCSS scheme is 5 years, which you can extend for 3 more years within 1 year of maturity. This facility gives senior citizens an opportunity to take advantage of their investment for a long time.
Interest rate and return math
The specialty of this scheme is that interest is paid on the investment on a quarterly basis. If you have invested Rs 15 lakh, then every three months you will get interest of Rs 30,750. This facility ensures regular income after retirement.